The global super-rich hoping to live and invest in the UK will face new visa restrictions as part of Home Office reforms designed to tackle organised crime and money laundering.

The tier 1 visa, which provides a fast-track route to settlement for people willing to invest millions in the UK, will be suspended from Friday until new rules are put in place in 2019.

The reformed visa will require applicants to provide comprehensive audits of their financial and business interests and how they have had control of the £2m of investment funds required to obtain the tier 1 visa for at least two years.

Applicants will no longer be able to invest in government bonds as part of the reforms and must invest in active and trading UK companies.

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